IBA Molecular gets partly bought out for $234M
SK Capital Partners, a New York City-based private investment firm, has signed a definitive agreement to create IBA Molecular Imaging, a jointly-owned new company derived from the radiopharmaceutical division of IBA (Ion Beam Applications).
IBA Molecular Imaging, based in Dulles, Va., manufactures and distributes radioactive isotopes used for medical imaging, with more than 50 locations in Europe, the U.S. and Asia, and employs more than 1,000 people. The transaction is valued at approximately EUR180 million ($234 million U.S.). SK Capital will own 60 percent of the recapitalized entity and IBA will retain a 40 percent stake.
Former IBA radiopharmaceutical division President Renaud Dehareng will continue to lead the business as CEO of IBA Molecular Imaging.
Pending regulatory approval, the transaction is expected to close by the second quarter.
ING is leading the debt financing of the transaction. UBS Limited acted as sole financial advisor to IBA on the transaction. Houlihan Lokey and ING were financial advisors to SK Capital.
IBA Molecular Imaging, based in Dulles, Va., manufactures and distributes radioactive isotopes used for medical imaging, with more than 50 locations in Europe, the U.S. and Asia, and employs more than 1,000 people. The transaction is valued at approximately EUR180 million ($234 million U.S.). SK Capital will own 60 percent of the recapitalized entity and IBA will retain a 40 percent stake.
Former IBA radiopharmaceutical division President Renaud Dehareng will continue to lead the business as CEO of IBA Molecular Imaging.
Pending regulatory approval, the transaction is expected to close by the second quarter.
ING is leading the debt financing of the transaction. UBS Limited acted as sole financial advisor to IBA on the transaction. Houlihan Lokey and ING were financial advisors to SK Capital.